Tuesday, 13 June 2017

Central Bank of Nigeria Boosts Market With $413.5 Million

Central Bank of Nigeria has intervened to the tune of $413.5 million in the inter-bank Foreign Exchange Market. This was done to handle the issue of liquidity in the market as well as boost the international value of naira.

Mr Isaac Okorafor the acting director in charge of Corporate Communications gave a breakdown of how the money was allocated, he said that the the sum of $100 million was offered to dealers in the wholesale window, while the Small and Medium Enterprises window was offered the sum of $28 million. The sum of $25.5 million was allocated to invisible segments to meet the needs of those requiring forex for Business/Personal Travel Allowances such as medicals, vacations, school tuition etc

Furthermore, the Acting Director of Corporate Communications stated that the bank also released the figures for the auctions sales in retail window lasts week which gives a total sum of $260 million. 

The bank is currently optimistic that with all these actions taken, the naira would continue to strengthen against the dollar and other major currencies all over the world. Moreover with the level of transparency so far, the market has gained more stability.

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